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Shengtai Pharmaceutical, Inc. Reports Record 2007 Annual Results
Date:9/28/2007

ornstarch to customers.

Selling, general and administrative expenses for the year ended June 30, 2007 was $4.7 million, an increase of $0.8 million, or 22% compared with the corresponding period in 2006. The increase in selling, general and administrative expenses was the result of the expansion of the Company's domestic sales network, higher worker insurance requirements and environmental related expenditures.

The Company achieved higher operating leverage for the year. Operating income in fiscal year 2007 increased 62.1% to $7.5 million from $4.6 million in prior year. Operating margin during fiscal 2007 was 14.5% in 2006, up from 12.9% a year ago.

Net income for the year ended June 30, 2007 was $7.1 million, an increase of $2.9, or 69.8% compared with 2006. The increase in net income was due to higher production levels, sales volumes, as well as a net gain of approximately $1.3 million derived from both the gain of surrendering its land use rights for property in downtown Changle to the local government and the loss of fixed assets' early retirement. Diluted weighted average earnings per share were $0.62 for fiscal year of 2007, which compared to $0.42 in fiscal year of 2006.

Financial Condition

As of June 30, 2007, Shengtai Pharmaceutical had cash and restricted cash of $12.0 million and working capital of $(7.2) million. In fiscal 2007, the Company generated $5.1 million in cash flow from operations. At June 30, 2007, the Company had $42.1 million in total debt, and $31.6 million of shareholders' equity.

Business Outlook

Shengtai Pharmaceutical's market share in the PRC for pharmaceutical grade glucose products, especially dextrose monohydrate, has increased. Dextrose monohydrate is widely used for restorative and nutritional purposes, as well as for transfusions and intravenous drips. The company's newly established cornstarch production facility with annual capacity to produce 240,000 tons is close to the existing glu
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SOURCE Shengtai Pharmaceutical, Inc.
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